Gold Price News and Forecast: XAU/USD consolidates gains above $1700/oz


Gold buyers look to regain control above $1,700

Gold prices extend pullback from a one-week low of $1,717.34, flashed the previous day, to currently around $1,727.40 during Friday’s Asian session. Although the US dollar recovery seems to cap the yellow metal’s rise, escalation of the US-China tussle and the coronavirus (COVID-19) keep the bullion’s safe-haven demand intact.

Following China’s indirect warning to the US, from the 13th National People's Congress, the tussle between the world’s top two economies intensified while including the Hong Kong issue as an additional point.

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XAU/USD

Overview
Today last price 1728.66
Today Daily Change 0.95
Today Daily Change % 0.05
Today daily open 1727.71
 
Trends
Daily SMA20 1715.38
Daily SMA50 1660.28
Daily SMA100 1624.37
Daily SMA200 1558.64
 
Levels
Previous Daily High 1749.14
Previous Daily Low 1717.34
Previous Weekly High 1751.8
Previous Weekly Low 1690.05
Previous Monthly High 1747.82
Previous Monthly Low 1568.46
Daily Fibonacci 38.2% 1729.49
Daily Fibonacci 61.8% 1736.99
Daily Pivot Point S1 1713.65
Daily Pivot Point S2 1699.6
Daily Pivot Point S3 1681.85
Daily Pivot Point R1 1745.45
Daily Pivot Point R2 1763.2
Daily Pivot Point R3 1777.25

 

Gold Asia Price Forecast: XAU/USD consolidates gains above $1700/oz

XAU/USD is consolidating the recent gains while trading above $1700 per troy ounce and the 100/200 SMAs on the four-hour chart. XAU/USD is likely to stay supported with bulls trying to regain the 1740 level initially followed by the 1780/1800 price zone. Occasional retracements should find support near the 1690/1700 price zone and the 1660 level. 

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